The Financial Services Commission of Ontario (FSCO) is warning mortgage consumers and industry players not to conduct business with Mortgage Approval Canada and Mortgage Approval Centre, both of which are not licensed to broker business in Ontario.

We need to get the Act amended to allow FSCO greater power to stop this kind of insanity. FSCO should be given the ability to send a cease and desist order to the domain provider and the hosting provider. This is the stuff that needs to be stopped; things that jeopardize the public.

Lol Victor Simone. It was the same for me when I went on their site. 50 approvals and counting in my small town. Laughable. The use your location to make it seem like they are local. Good scam in my opinion.

The Real Estate Council of Alberta Recently fined two unlicensed persons for acting as a mortgage broker/associate without a license. The larger of the two fines was for $25,000 was for around $2,000 after appeal. Hopefully FSCO will get similar powers to RECA so these unlicensed degenerates can be dealt with.

FSCO does have the power to issue provincial offense tickets similar to RECA, fines are never effective when pure fraudsters are involved, they just don't pay the fines. What is needed is broader powers to shut down websites at their source, shut down the domain and the host. if you kill the leads for the fraud you kill the fraud.

Just for my knowledge, if they were acting as individual private investors and any A deals that came there way just give them to a broker and they keep the private deals. Would that be considered an offence?

Rate Sites like RateHub offer real licensed mortgage broker rates clearly noted on the website hence they are legal. This site mentions NO BROKER hence illegal. If they are a website representing private investors they must be mortgage brokers because only mortgage brokers can hold out to the public as a conduit to private investors. If the private investor wants to name themselves on their own website offering private funding that is also legal.